How I think the price of good will be reduce drastically ,I just think is not a practicable idea

HydraFeeds:
If implemented,it will lead to hyperinflation .

Aonkuuse:
CBN, I don't really know what is happening there!! Is it that you guys don't have a solution to the rising dollar value or there is something you guys are not telling us??

Meanwhile, people who sit down and write this kind of long fake articles really get time oo

solution to that is not the job of the CBN sadly but so many do not realize this simple fact. Demand for dollar can be reduced by locally producing what that dollar is about to be exchanged for. From food, education, machines, technology to information. CBN is not in charge of running industries. They are built around the money system, its management, and financial institutions regulatory tasks.

With the way Nigeria is and is structured, bandits and crude thieves have more say on the strength of Naira than CBN does.

Kobicove:
The government really needs to consider meting out stiff penalties to purveyors of fake news!

Seconded. Fake news is detrimental to the development of the country.

emorse:

To the contrary, currency redenomination is used to curb inflation.

All monetary policies must be domesticated. Redenominating the Naira will lead to inflation. You may want to ask, how?. We have very poor price control mechanisms. If CBN redenominates #100 as #1, for instance, a landlord who used to collect #800000 rent per annum will now be collecting #8000. I tell you for free that, it will automatically lead to increases in house rents almost immediately.

omoredia:
Nigerians should understand that now you need some serious motivation to do the right thing in this country. A robber cannot come and make a bank more secure when all the people close to him and that he cares about are also robbers. A bad tree cannot bear good fruit

U cannot marry a retired ashawo and expect ur daughters to be decently dressed and well behaved at all times. It will never happen. Na dog dey born dog

Thats why having a good process is very important. Cos u cant get a good product from a bad process.

The iphone15 that just came out is born out a of a generally better process than an iphone12 u cant be using the iphone12 process and expect to get an iphone15 at the end of the day

If u pass a pope through the process many of the our leaders used to get power the pope will also give poor performance. That's why as the black man is investing heavily in hope and prayer the white man is investing heavily in improving his processes everyday and the result is there

funny but the absolute sad truth.

Bruisecruise:
As usual.
Test the waters to see reaction.
Then deny it.
Then do it anyways.

They can’t do this one bro 😎

Why not change Nigerian currency to dollars to checkmate japa

emorse:

To the contrary, currency redenomination is used to curb inflation.

in this case , a good that used to worth 1000 naira will now worth 1 naira which is deflation but the person that used to receive 1000 naira salary will now receive 1 naira . They seem equivalent and the change is just living in a fool paradise but the reason it might lead to inflation is because people always look for any. Opportunity to inflate prices plus dime countries have tried it before but didn’t work .

valiju:
How I think the price of good will be reduce drastically ,I just think is not a practicable idea

in this case , a good that used to worth 1000 naira will now worth 1 naira which is deflation but the person that used to receive 1000 naira salary will now receive 1 naira . They seem equivalent and the change is just living in a fool paradise but the reason it might lead to inflation is because people always look for any. Opportunity to inflate prices plus some countries have tried it before but didn’t work .

SmartyPants:


1. All bank deposits will be frozen and converted into lower sums

2. Currency will be redesigned and redenominated

Will cause temporary hardship but it can be done.

in this case , a good that used to worth 1000 naira will now worth 1 naira which is deflation but the person that used to receive 1000 naira salary will now receive 1 naira . They seem equivalent and the change is just living in a fool paradise but the reason it might lead to inflation is because people always look for any. Opportunity to inflate prices Louis some countries have tried it before but didn’t work .

Isobug:
I knew it was untrue.

They have rushed to debunk it. To them, that would be a very tall dream.
Meanwhile, It's not Rocket technology. Accept and work towards it, nothing is unachievable as far as there's a true but smart commitment. Who knows you can get to $1 to #300, the people will rejoice.

My own two cents

can you please tell us some things cbn can do to make naira better?

Fake news is becoming rapid more than the wildfire.

HydraFeeds:
If implemented,it will lead to hyperinflation .

No it won't,if the government put in strategies in place to curb the inflation.

But this govt I know are are daft to curb the affect effect hyperinflation


Hence y are right.

Obainomilano:
Unity begger rest ...if you are not so ashamed of your people you should not be hating people that want to go

blame ojukwu for you problem

HydraFeeds:
in this case , a good that used to worth 1000 naira will now worth 1 naira which is deflation but the person that used to receive 1000 naira salary will now receive 1 naira . They seem equivalent and the change is just living in a fool paradise but the reason it might lead to inflation is because people always look for any. Opportunity to inflate prices Louis some countries have tried it before but didn’t work .

1. No it won't be deflation because your 1 naira will be worth the same dollar amount of your previous 1000 naira.

2. It can't lead to inflation under the conditions I've described unless the seller wants to die of hunger. No one will buy their goods.

3. You don't need to look far for success stories, Ghana did it in the 2000s.

Aonkuuse:
CBN, I don't really know what is happening there!! Is it that you guys don't have a solution to the rising dollar value or there is something you guys are not telling us??

Meanwhile, people who sit down and write this kind of long fake articles really get time oo

...the solution to it is for nigeria to be a producing country an industrialized country....where we produce goods and export to get more foreign currencies...in nigeria we import too much... that is why the dollar is rising...more exportation and less importation the naira will be strong against the dollar...

nlfpmod:
Central Bank of Nigeria @cenbank

I didn't believe it.

How do they want to achieve it?

APC used the lies to bring in buhari and Tinubu

Food don done for supporters, come and enjoy the suffering you voted for

People believe that these things are just done by waving a magic wand ? Tch! Nigerians smh

So tomorrow obofools will claim they they issue the report

Isobug:
I knew it was untrue.

They have rushed to debunk it. To them, that would be a very tall dream.
Meanwhile, It's not Rocket technology. Accept and work towards it, nothing is unachievable as far as there's a true but smart commitment. Who knows you can get to $1 to #300, the people will rejoice.

My own two cents

Khyrvxjzy:



can you please tell us some things cbn can do to make naira better?

Because I said it's not a rocket science? Anyway it is not.
Consult me if you need to get tutored on that. Only if they would implement it

Alaigbo:
So tomorrow obofools will claim they they issue the report

Atiku is in the US court for Tinubu forgery case. Be cunningly dodging him and be shouting Obofools.
Bitter souls

A country that imports almost everything how do you expect 1 naira to a dollar...it's impossible...it's nigeria to be a producing country an industrialized country where we produce and export inorder to earn more foreign currencies ... that is when the naira will have value and be strong against the dollar

Bruisecruise:
As usual.
Test the waters to see reaction.
Then deny it.
Then do it anyways.

You are spot on.. exactly how this government operate

Isobug:
I knew it was untrue.

They have rushed to debunk it. To them, that would be a very tall dream.
Meanwhile, It's not Rocket technology. Accept and work towards it, nothing is unachievable as far as there's a true but smart commitment. Who knows you can get to $1 to #300, the people will rejoice.

My own two cents

... nigeria cannot achieve it when nigeria imports too much...a consuming country...too achieve it nigeria must be a producing country.... where we produce and export to earn foreign currencies...more exportation and less importation

nlfpmod:
Central Bank of Nigeria @cenbank

You have to be a dumb asss to believe this ridiculous fake news...Probably put together by the igbos.
For the next 8 yrs to 16 yrs expect more fake news, fake videos and fake pictures...This tiny group of people with tiny brains are determined to debase the effort of this Admin in making Nigeria Great Again.

Fr33born:
They are debunking it as if sensible people believed it before.

Abegi!

lazy emilocan ass leakers believe it

KendoRide:
But why shouldn’t they make $1 equal to N1 ?

...to make 1 naira to a dollar... nigeria must be a producing country an industrialized country where we produce goods and export them to earn more foreign currencies...and nigerians should reduce this traveling abroad to school in foreign universities, travel for medical treatment abroad, reduce buying of foreign cars and goods, stop the importation of fuel, disel, kerosene ... because all this increase the demand for dollars. And also our refineries to work so that we can produce fuel, disel, kerosene in nigeria..with all of this 1 naira to a dollar will be possible

Isobug:

Because I said it's not a rocket science? Anyway it is not.
Consult me if you need to get tutored on that. Only if they would implement it

kindly say it here sir... let people here also learn

You know this is true anyways... they'll go right ahead and do it... clowns...

Benblaq:
But can it be done overnight? Like, to just wake up and announce exchange rate dropping this low ..

It's not exchange rate dropping

It's redonmination

Removing zeros from your currency

That 1000 naira will now be 1naira or 10 nairal depending on how many zeros removed

That minimum wage will now be 300 naira

Who will believe this joke?